China's central bank has announced that the newly established joint venture with the Belgium-based SWIFT financial messaging service will set up a localised data warehouse.
The localised data warehouse aims to monitor and analyse cross-border payment messaging. Due to unstable connectivity reported by some small Chinese banks affecting cross-border transactions, the new entity Finance Gateway Information Services will build a localised network to ensure a more stable, resilient, and secure connection to the main SWIFT network, the central bank added.
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